Just another day in the life of #CRE

[Beth Anne Grib]

 

 

We've all seen it, from bizarre listing photos to public remarks that sound like the agent is selling cosmetics in a boutique rather than commercial real estate. Misuse of the Multi-Listing Service only creates hassle for the Service and the agent who found you out. It also creates an instant poor impression with your fellow commercial real estate professionals who might have considered referring clientele to you or would network with you for deals. We find it daily in the world of Commercial Real Estate Listings.

 

 

 

 

With that being said, here is my #CRE rant for the week:

• Real Estate is PROPERTY
• Give us the facts and only the facts I want to know what the featured amenities are, not the skinny on the pattern of the custom draperies the owner is graciously leaving behind in his office. Yes - we do think Commercial Real Estate is wonderful, but we don't advertise it using that verbiage.
• REALITY CHECK - Is it really Class A? Honestly?
• Amenities of a Business Park are NOT the fast food restaurants within a 1 square mile radius
• Don't try to sell equipment when you are not selling the business - those things are sold on other websites - Anyone ever heard of Craigslist?
• Do your research - don't just put "Commercial" in the Zoning field - that tells me that you DON'T KNOW and you are not industrious enough to go look it up
• When I call you to find out what the approved usage is, have an accurate answer prepared.
• When you have an owner that is out-of-state and the property needs maintenance, please contact the owner yourself – your listing=your calling card. If I call you, or better yet the neighbors call you telling you the property looks a mess…what kind of advertising is that for you my friend?
• Don’t be afraid to suggest practical things to the owner to better show the property (i.e. – clean, clutter-free, well-maintained space) If it is a multi-unit investment, please PROPERLY calculate the CAP rate – enough said. If you don’t know what I mean, you shouldn’t be listing the property.
• Take a picture or two. We can’t quite catch it from the description you provided.
• If you are still utilizing lockboxes, please ensure that the key is present and accounted for. (Shouldn’t have to say it, but yet I must - YES it has happened - twice in two weeks at the same Commercial Office property) 
• Don't tell me what you think would be perfect there...give me the approved usage and the accurate demographics. My retailer client will tell you whether or not they want to be at your site, not the other way around.
• When I call for more information, your first response should not be "why, what have you got?". Are we all professionals here?
• Don't ask for feedback if you aren't prepared to hear the truth - It is not up for rebuttal
• Work with me - As a Commercial Real Estate Brokerage - I am both an asset and competition to you. As competition, I present challenge. As an asset, you should utilize our networking channels to assist you in getting those listings in your inventory settled.

 

 

Just another day in the life of

Commercial Real Estate…

 

 

Beth Anne Grib is the Operations/Marketing for Beiler-Campbell Commercial Realty, a full-service Commercial Brokerage serving Southeastern PA, MD, DE and South/Central Jersey. Visit their website at www.beilercampbellcommercial.com

[Beth Anne Grib]

Sounds like we're not the only ones experiencing some of the insanity. Our firm does pre-qualify every investor that contacts us for services, but our role as broker is more of a due-diligence and advisory role in that sense. Also, we find there are too many residential players trying to "assimilate" in the Commercial Real Estate arena, making deals incredibly difficult and and getting numbers from them ...that's another blog post...well, maybe "rant".

[Richard Norton]

Beth Anne, some good points here,..

 

Reality is I don't care how sexy you try to make a property sound on paper I only care about the numbers period!

 

If the numbers don't add up who cares? As a lender/investor the following is what I need to make an informed decision...

 

1. Current NOI-so I know what the property is "really" worth not some puffed up appraisal from 2008 or earlier... appraisals aren't worth much to me in commercial RE...just the facts ma'am...

 

2. Stabilized NOI- what will the property produce after Key events have been realized

 

3. Current capital stack-is the property over levered?

 

4. sources and uses-what will you do with the money

 

5. Exit strategy-this will tell me if you're an experienced operator or a newbie who just paid some schmuck a lot of money for some high priced seminar...and now you think you know something...

 

If the above makes sense I will ask for more...not til then so please spare your 50meg ( appraisals, executive summaries, blah , blah ,blah) files that go nowhere...just more "trumped up trivia" ...

 

Trust me if you can't answer the above please don't try any sleight of hand or any other David Blaine routines it just won't work...

 

The reason I mention this is because I can't tell how many times some slick talkin alleged investor type has tried these tricks...right here on this forum...I know, SCANDAL!...

 

Not trying to be harsh just honest....

 

Cheers,,

 

Richard

www.windfallprivatebanking.com

 

P.S. PLUUUUEASE....don't call yourself an investor if you don't have two nickels to put in the game...An investor is the person writing the check...if  you try to bluff and get caught you just lost any credibility you may have established...

 

did I mention only the numbers count?